搜地365-2026年第39周房地产市场周报

2026年第39周（9月21日—9月27日），市场呈现"新房回升、二手回落、大宗回暖"的三线分化格局。一级土地市场月末优质地块集中出让，300城住宅用地成交规划建面581万㎡、出让金373亿元（一线146亿/二线151亿/三四线77亿），出让金较上周（193亿）大增93.3%；出让金TOP10榜单总额环比+112.99%，上海九批次6宗宅地129.7亿元居首（浦东金桥地块143轮竞价、溢价29.65%）；9月累计（1-27日）300城宅地成交2982万㎡、出让金1155亿元，同比-37.4%/-29.0%，平均溢价率6.0%；9月21-30日核心城市93宗、起始总价约757亿元地块待拍收官。AMC不良资产长城资产9.24单日多省分公司密集公告（河北大光明实业等11户、新疆轮台华隆农林等7户、贵州荔波帝豪花园酒店等），推包节奏显著加快；中信金融资产甘肃兰州科引商贸等3户2.49亿元京东竞价（9.30）、江苏南通三建债权竞价；涉房标的占比高——宁夏铭龙置业5.19亿、广州资产河源新景房地产9420万（抵押商铺+公寓）、河北唐山清泽地产（强制执行阶段）。一线大宗交易本周公开监测6宗已落地写字楼大宗交易合计约33.79亿元，宗数与金额较上期均提升，上海完全主导；黄浦淮海中路力宝广场整栋股权交割19.17亿元（总建面5.85万㎡，39层办公+4层零售裙楼），买方首金资本（北京首创城发旗下国资平台）接盘卖方新加坡OUEREIT，折射"外资择机退出非核心资产+国资逆周期收储"新循环，东芯股份关联企业、乔路铭科技等实体产业自用购置集中摘牌独栋办公。二级新房重点30城第39周商品住宅成交198万㎡，环比+23.3%（一线54万㎡+11.0%、北京+99.8%居首；二线108万㎡+23.2%；三四线36万㎡+48.1%），同比-13.3%；9月1-26日累计环比+13.5%、同比-8.6%，"金九"推盘与新政脉冲共振。二级二手房重点20城成交25460套，环比-15.0%（上周高基数回落）、同比-5.4%；一线9053套-20.3%，深圳+6.7%为一线城市唯一同比正增。开发商1-8月百强全口径销售20175.9亿元，中海1654亿首次反超保利登顶；非银融资以中期票据为主（联发集团第三期中票上限9.2亿、建发担保）；碧桂园8只境内债重组方案获持有人会议通过（余额134.17亿），9.22与深汕城综集团签署战略合作聚焦存量资产盘活。政策北京9.24发布全国首个商品住房现房销售实施细则（以土地出让公告日"新老划断"+三重缓冲阀+土地款分期缴纳），央行三季度例会强调增量与存量政策集成效应，江苏"十五五"城市更新专项规划、广东城市更新条例征求意见接续推进。

For the 39th week of 2026 (Sep 21–27), the market showed a three-way divergence of "new-home rebound, second-hand pullback, bulk warming". Tier-1 land market: high-quality plots were auctioned in clusters at month-end — 300-city residential land transaction GFA reached 5.81M㎡ with land transfer fees of 37.3B RMB (Tier-1 14.6B / Tier-2 15.1B / Tier-3&4 7.7B), up 93.3% WoW from 19.3B; the TOP-10 city list total rose +112.99% WoW, led by Shanghai's 6 plots of 12.97B RMB (Pudong Jinqiang plot after 143 rounds of bidding, 29.65% premium). Jan–Sep (1–27) cumulative: 29.82M㎡ and 115.5B RMB, -37.4% / -29.0% YoY, average premium 6.0%; 93 plots with a total starting price of ≈75.7B RMB await auction in 9 core cities through Sep 30. AMC NPA: Great Wall AMC announced packages in multiple provinces on Sep 24 in a single day (11 households of Hebei Daguangming Group, 7 in Xinjiang, Libo Dihao Garden Hotel in Guizhou, etc.); CITIC Financial Asset auctioned 3 claims of Lanzhou Keyin Trading for 249M RMB via JD (Sep 30) and the Jiangsu Nantong Sanjian claim; property-related targets were prominent — Ningxia Minglong Real Estate 519M, Guangzhou Asset's Heyuan Xinjing Real Estate 94.2M (shops + apartments as collateral), Tangzhou Qingze Real Estate in enforcement. Tier-1 bulk transactions: 6 completed office bulk deals totaling ≈3.379B RMB were monitored this week, up in both count and value, with Shanghai fully dominant; the Libo Plaza on Huaihai Middle Road changed hands via whole-building equity transfer for 1.917B RMB (GFA 58,500㎡, 39 office floors + 4 retail podium floors) — buyer Shoujin Capital (a state-owned platform under Beijing Shouchuang Chengfa) took over from Singapore's OUEREIT, reflecting a new cycle of "foreign funds exiting non-core assets + state capital buying countercyclically"; industrial self-use buyers (Dongxin Semiconductor affiliates, Qiaoming Technology, NEV enterprises) acquired standalone offices in clusters. Secondary new home: 30 key cities transacted 1.98M㎡, +23.3% WoW (Tier-1 540k㎡ +11.0%, Beijing +99.8% leading; Tier-2 1.08M㎡ +23.2%; Tier-3&4 360k㎡ +48.1%), -13.3% YoY; Sep 1–26 cumulative +13.5% WoW / -8.6% YoY as "Golden September" launches and the policy impulse resonated. Secondary second-hand: 20 key cities transacted 25,460 units, -15.0% WoW (pullback from last week's high base) / -5.4% YoY; Tier-1 9,053 units -20.3%, Shenzhen +6.7% being the only YoY growth among Tier-1 cities. Developers: Top-100 all-caliber sales reached 2,017.59B RMB for Jan–Aug, with China Overseas (165.4B) topping Poly (165.0B) for the first time; non-bank financing was dominated by medium-term notes (Lianfa Group's 3rd MTN capped at 920M, guaranteed by Jianfa); 8 of Country Garden's 9 onshore bonds passed restructuring resolutions (balance 13.417B), and on Sep 22 it signed a strategic cooperation with Shenshan Cheng comprehensive Group focusing on revitalizing stock assets. Policy: Beijing released the nation's first detailed rules for the sale of ready-built commodity housing on Sep 24 (a "new-old cutoff" based on land auction announcement dates + triple buffer valves + installment payment of land premiums); the PBoC Q3 MPC meeting emphasized the integrated effect of incremental and stock policies; Jiangsu issued its 15th FYP urban renewal plan and Guangdong opened its urban renewal regulation for comment.

指标 / Indicator	数值 / Value	环比 / WoW
300城宅地出让金(周) / Land Transfer Fees	373亿元	+93.3% ↑（TOP10环比+112.99%）
30城新房成交 / 30-City New Home	198万㎡	+23.3% ↑
20城二手房 / 20-City Second-hand	25,460套	-15.0% ↓
力宝广场整栋交割 / Libo Plaza Deal	19.17亿元	国资接盘外资 ↑
月末待拍宅地 / Land Awaited Auction	93宗 / 约757亿元	9.21-9.30 收官竞价 ↑
百强1-8月销售 / Top-100 8M Sales	20,176亿元	中海首次登顶